Banker's return to Square Mile
Diamond swoops on Panmure Gordon
(Update Friday 7am): Bob Diamond, the former Barclays chief executive, has joined forces with a Qatari investment bank to acquire Panmure Gordon, one of Britain’s oldest stockbrokers, in a £15.5 million deal.
Mr Diamond is acquiring the business through his private equity vehicle, Atlas Merchant Capital which he set up after leaving Barclays following the Libor interest rate rigging scandal in 2012.
He has teamed up with QInvest, the Qatari investment bank, which already owns a 43% stake in Panmure.
The brokerage was valued at just over £9m before the deal was announced this morning at 100p per share.
It underwent a shake-up a year ago which resulted in chief executive Philip Wale departing just a week after chairman Ed Warner announced his resignation.
Mr Diamond’s move comes just a month after he led an acquisition to buy the Greek banking arm of France’s Credit Agricole via the same investment vehicle.